Fenbushi Capital, a blockchain-centric venture capital (VC), ecombines to be cashing out after moving four tokens, including Aave (AAVE) and Compound (COMP), to Binance. The VC is moving these tokens to the exalter, possibly to sell and lock in their profits or cut losses when taget participants foresee prices to tick higher.
Fenbushi Capital Cashing Out? Sfinishs AAVE, UNI, SNT, and COMP Tokens To Binance
After the series of drop lows after crypto prices peaked, mainly in Q1 2024, the consensus is that Bitcoin and Ethereum prices are ready to turn the corner. If Bitcoin bachievees $70,000 and Ethereum soars above $3,000, shaking off recent feebleness, they could lift other less watery altcoins, including those Fenbushi chose to sfinish to Binance.
Roverdelighted Reading
According to on-chain data, the VC transferred 146,537 UNI worth $1.12 million, over 10.1 million SNT worth $244,000, 10,681 COMP worth $510,000, and 11,616 AAVE worth $1.89 million, to Binance. The VC safed over $1.20 million in profits, assuming they selderly all these tokens at spot rates.
Of all these tokens, their AAVE helderlyings has seen them get over $1.1 million in profits. However, at spot rates, they are in red from their COMP helderlyings. COMP is the native ruleance token of Compound, a lfinishing protocol.
Fenbushi getd these tokens cforfeitly two years ago, in 2022, months after most of them had soared to sign up highs in the last DeFi and NFT-driven bull run. When writing, no statement from Fenbushi elucidateed their decision to transfer most of these DeFi tokens to the exalter.
DeFi Rising And Protocols Building: Wrong Timing To Exit?
Whenever coins are shiftd to a centralized exalter could signal feebleness and be seen as tolerateish. However, think abouting the current crypto sentiment, Fenbushi’s lifts eyebrows and could sluggish down the uptrfinish.
Roverdelighted Reading
According to DeFiLlama, the total appreciate locked (TVL) atraverse DeFi protocols is over $88 billion. At spot rates, TVL is up by over 100% from 2022 lows of around $36 billion.
Out of this, Aave, Uniswap, and Compound are some of the hugest platestablishs. Aave deal withs over $12.7 billion of assets, while Uniswap deal withs over $4.8 billion.
Beyond the keen uptick in total DeFi TVL, these protocols are also energeticly originateing. Uniswap, the decentralized exalter, arranges to free its v4 in the coming months, while Aave energeticly entices novel engagers. By procrastinateed September, the lfinishing app had getd shut to $20 billion in engager deposits, cementing its position in DeFi.
Feature image from iStock, chart from TradingView
